Westpac has announced an extension of its moratorium on regional branch closures, committing to keep these services operational until 2030. The bank also unveiled a new Community Banking Service, designed to enhance its offerings in regional Australia. This initiative comes as part of a broader strategy to improve access to banking services in rural areas, addressing the needs of local communities.
The original moratorium on branch closures was initiated in 2023, initially set to last until mid-2027. Today’s announcement extends this commitment, reflecting Westpac’s recognition of the importance of maintaining banking services in regional locations. According to Westpac’s CEO, Anthony Miller, the decision follows a comprehensive review of the bank’s regional services.
“Strong regional communities are vital for a strong Australia, and we want to ensure these areas have access to the services they need to prosper and grow,” Miller stated. The bank has pledged to invest significantly in enhancing its regional presence, which includes the recent opening of its first new service centre in Moree.
New Services and Pilot Programs
The service centre in Moree aims to merge digital banking capabilities with personal support for daily banking tasks and business needs. It will be joined by additional centres in Leongatha, Victoria, and Smithton, Tasmania, expected to open in 2026. These centres will provide face-to-face assistance for a range of services, including identity verification, personal and business lending, as well as support for fraud and scams. Customers will also have access to cash through Westpac’s Smart ATMs.
In addition to the service centres, Westpac is set to pilot the Community Banking Service in five initial towns. This program will involve collaboration with local councils, creating dedicated private spaces where mobile bankers can engage with the community. The pilot locations include Dungog, Bulahdelah, and Manilla in New South Wales, with plans to launch in early 2026.
Miller emphasized the importance of personal relationships in regional banking, stating, “Personal relationships matter in regional areas, and we understand the value of sitting down across the table with someone who knows your business, your family and your goals.” He acknowledged that while a significant majority of transactions are now digital, a tailored approach is necessary to meet the diverse needs of customers.
Community Impact and Future Goals
The Tamworth Regional Council has expressed support for this initiative. General Manager Paul Bennett remarked, “Tamworth Regional Council is delighted to support this terrific community initiative by Westpac to improve access to banking services across our region. We look forward to a successful pilot and this innovative approach becoming a permanent fixture for our community.”
In its submission to the Economic Reform Roundtable, Westpac proposed several policy measures aimed at bolstering regional Australia. Among these recommendations is a goal to increase the regional population by one million people by 2032 through targeted investments in up to ten regional cities.
Miller noted, “Regional Australia presents an untapped opportunity to drive the nation’s prosperity. While our biggest cities struggle with population growth, regional Australia is struggling to achieve the growth needed to achieve equivalent economic outputs. Targeted investment is therefore needed to build immediate momentum.”
As Westpac moves forward with these initiatives, the emphasis remains on fostering stronger connections with regional communities, ensuring they have the resources and support necessary for sustainable growth and development.
